How to Reduce Risk when Creating Your Estate Plan in Kansas
Sept. 28, 2020
Many people do not realize that estate planning involves some level of risk. Most people decide to create an estate plan in order to avoid risks and to shield their assets. However, estate planning does involve some degree of risk. However, the risks associated with creating an estate planning are much smaller than the risks associated with not having any estate plan at all. The best way to reduce risk is to have your estate administered by an experienced estate planning attorney.
When an individual does not have an estate plan, he or she leaves the disposition of their real and personal property, everything you own, up to the laws of intestate succession of Kansas and the probate court. If this happens, the wealth, real estate, and other things that you worked hard to acquire might eye given to people that you want or they may not. The crucial step in a basic estate planning strategy is to create a valid will. Having a valid will does reduce the risk that your assets and property will end up in the hands of the wrong people.
Another item to consider when creating an estate plan that involves some risk, is the performance of certain annuities and other financial investments. This is because some annuities and financial investments perform differently upon your passing and these changes in interest rates are difficult to predict. By consulting with an estate planning attorney and an experienced financial professional, you will be able meet your estate planning goals. It is essential that you and your family understand how your financial portfolio and the various items in your estate plan work for you individually and as a whole. This will help you and your family feel confident that you have made estate and financial plans that meet your needs.
It is important to meet with your estate planning attorney or speak with him or her by telephone to review any changes to the estate tax laws, tax laws, and other financial factors that may change from year to year. This is an inherent risk in setting up an estate plan. However, this is a tiny inconvenience and only requires that you checking in with your estate planner and financial advisor every one to two years or after major life change. Our firm remains in contact with our clients to keep our clients up to date and to check in for any life changes that could effect the estate plan.
If you need to get started on your estate plan or reassess an estate plan that you have already started, Schedule a consultation with Wichita estate planning attorney J. Joseph Weber today. Alternately, you may contact us online for your convenience.